This joint investigation by Protect Borrowers and Towards Justice documents the rise of “Rent Now, Pay Later” loans—short-term, high-cost loans that are little more than repackaged payday loans—and shines a light on predatory creditors capitalizing on sky-high rents by driving families into debt. With help from banks, including ones backed by venture capital funds like Andreessen Horowitz, these Rent Now, Pay Later companies can add thousands of dollars every year to rent bills that are already unaffordable for working families.
Our joint investigation identified a wide range of industry tactics aimed at pushing risky, expensive debt; massive consumer risks, including from tactics that have been cited by regulators as violating federal law; and the key role that shady “rent-a-banks” play in all of this. Finally, our report outlines key recommendations for stakeholders, including policymakers and law enforcement officials at every level of government.
Read the Report: Rent Now, Pain Later: How “Rent Now, Pay Later” Loans Put Working People at Risk
Read the Press Release: New Investigation Shines a Light on Predatory Creditors Capitalizing on Sky-High Rents With “Rent Now, Pay Later” Loans